Uber CEO says the company may actually benefit from rising inflation

SoftBank invested in Uber in 2018 and was once its biggest shareholder. But the Japanese giant has been facing mounting losses at its Vision Fund investment unit and has been selling stakes in companies to raise cash.

Despite falling gas prices, the August inflation report sent the stock market tumbling. According to the report, the supply side may be benefiting from the inflationary environment.

As expenses rise and people are paying more for essentials, they are also signing up to drive for the ride-sharing service, according to the CEO of the company.

He said that more than 70% of drivers in the U.S. are saying that one of the reasons they signed up to drive on the app was inflation.

There are no signs of weakness as a result of inflation, according to the CEO of the company.

One of the last reports the Fed will see before its meeting in September is the high August report.

In mid-day trading, the shares of the ride hailing company were down more than 3%.